ABSTRACT
At a time like the present, when so many complaints are being made as to the manner in which some audits are conducted, and when such disastrous results have so frequently attended an injudicious selection of auditors, it seems strange that any insurance company should be so far behind the times as to render it possible for the following to be an extract from the report of the proceedings of its last general meeting.
“Mr. Hawks proposed the re-appointment of the retiring auditor, Mr. R. J. Pead.
Mr. Garnet seconded the motion.
Mr. Coles suggested the advisability of having a Chartered Accountant to act with the auditors on a future occasion.
The Chairman replied that under the deed the auditor must be a polioy-holder and a proprietor to the extent of £1,000.
The resolution was then agreed to.
Mr. Pead in returning thanks for his re-appointment said, that in dealing with the voluminous figures connected with the company he had often misgivings as to whether he had the requisite qualifications for the post of auditor of an important institution like the Eagle. He, however, had a very able and experienced colleague in Mr. Woods; but if in the future it was found desirable to have a Chartered Accountant as auditor he was willing to give way.”
